Gov't Panel Issues Mixed Final Verdict on Bailouts

By: Associated Press
By: Associated Press

WASHINGTON (AP) - A congressional watchdog group says the
government's bailout of banks, auto makers and insurers helped
prevent a more severe economic crisis, but might have sowed the
seeds of the next one.

The Congressional Oversight Panel says in a report that the
government's rescue fund may have prevented an economic depression by sending billions of dollars to companies crippled in financial crisis that erupted in 2008. But it says little has been done to
aid to homeowners facing foreclosure or others far from Wall

Wednesday's report is the panel's last before it disbands next month. The bailout law gave the panel six months to keep working after Treasury lost the power to create new programs. Treasury's authority expired on Oct. 3.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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